For the year ended August 31, 2021, Zefer Ltd., a Canadian-controlled private corporation, reported a net income before income taxes of $551,700. The statement of income is summarized as follows: Income from operations Other income: Interest Net gain on sale of assets Net Income per Financial Statements $459,800 6,100 85,800 $551,700 The net gain on the sale of assets consists of the following amounts: Gain on sale of franchise-$30,000 The franchise to operate a retail store was acquired seven years previously at a cost of $125,000. It was sold in 2021 for $155,000. The sale proceeds included a cash down payment of $20,000, with the balance payable in six annual instalments of $22,500 plus interest beginning in 2022. The franchise, which qualified as a class 14 asset, had an undepreciated capital cost of $111,300 at the time of the sale and was the only asset in its class. Gain on sale of warehouse property-$80,000 In July 2021, a warehouse property was sold for cash proceeds of $430,000 (land - $180,000, building - $250,000). The property had an original cost of $370,000 (land - $60,000, building - $310,000). The building, which was the only asset in class 1, had an undepreciated capital cost of $290,000. After the sale of the warehouse, temporary premises were leased until a new, larger warehouse was constructed. New land was purchased in January 2022 for $200,000. Construction of the new warehouse would be completed by July 2022. Loss on sale of shares of subsidiary-$24,200 Zefer sold shares of a subsidiary corporation for cash proceeds of $544,500.The shares were acquired five years ago for $568,700. Legal fees of $2,400 were paid to draw up the sale agreement and were charged to the legal expense account. Required: Calculate Zefer's net income for tax purposes for the 2021 taxation year. Segment A Income Loss on sale of shares of subsidiary-$24,200 Zefer sold shares of a subsidiary corporation for cash proceeds of $544,500.The shares were acquired five years ago for $568,700. Legal fees of $2,400 were paid to draw up the sale agreement and were charged to the legal expense account. Required: Calculate Zefer's net income for tax purposes for the 2021 taxation year. Segment A Income Segment A sub total Segment B Capital Gains and Losses Segment B Sub total Net Income for tax purposes $ 0 0